FY 2021:
Strong increase of earnings: net income1 of €1,315m (+37%)
Very robust business momentum: +€75bn in MLT assets2 excl. JVs
AuM of €2,064bn with the consolidation of Lyxor as of 2021 year end
| An excellent Q4 20213 | Net inflows of +€65.6bn, driven by MLT assets, Retail, a recovery of treasury products, and JVs Adjusted net income of €328m, up +13.9% vs. Q4 2020 | |
| 20213: High inflows and better-than-targeted results | Very strong business momentum, with net flows of +€60.2bn fuelled by:
Excellent, above-target, financial performances:
| |
| Dividend Solid financial structure after Lyxor | Significantly higher dividend: €4.1 per share, i.e. +41% vs. 2020 Increased net tangible equity (€3.5bn at end-2021 post-Lyxor acquisition) CE1 ratio6 of 16.1% | |
| Major achievements and strategic initiatives | Strong growth in Retail, driven largely by third-party distributors Development of activities in Asia and successful JV launch with BOC ESG: 2018-2021 targets exceeded and new 2025 targets announced Ramping up of Amundi Technology Lyxor acquisition finalised |
Paris, 9 February 2022
Amundi’s Board of Directors, chaired by Yves Perrier, convened on 8 February 2022 to approve the fourth-quarter and full-year 2021 financial statements.
Yves Perrier, Chairman, commented:
“By leveraging on initiatives in line with our strategic objectives and identified growth drivers, Amundi succeeded in amplifying its profitable growth trajectory in 2021: creation of a subsidiary in China with Bank of China, launch of Amundi Technology, acquisitions of Sabadell Asset Management and of Lyxor“.
Commenting on the figures, Valérie Baudson, CEO, added:
“Amundi surpassed in 2021 the €2Tn of assets under management milestone, thanks to the acquisition of Lyxor and to its strong commercial momentum, as evidenced by record asset collection in MLT assets.
With the adjusted net income up 37% at 1.3 Bn€, we have exceeded the targets of our medium-term 2018-2022 strategic plan.
We have also met all the objectives of our ESG plan, confirming our leadership in the field of responsible investment. Thanks to its comprehensive range of investment solutions, its technology as well as services and solutions, Amundi is well-positioned to continue on its growth trajectory”.
I. 2021 Highlights
Strong growth in Retail business in Europe, driven by distributors
Retail business in Europe over the year underscored Amundi’s ability to expand in virtually all distribution channels.
- Third-party distributor inflows were especially high at +€23.5bn in the company’s main markets (France, Italy, Germany, Benelux, Spain, etc.), fuelled by both passive and active management. Assets managed for third-party distributors (including Lyxor) totalled €326bn at end-2021, i.e. 52% of total Retail AuM (excl. JVs).
With the distribution market facing new challenges (pressure on margins, regulatory requirements, sophistication and digitalisation of client relations, etc.), giving rise to new needs (bespoke savings solutions, optimisation of technological tools, development of ESG, etc.), Amundi has everything it takes to support its distributors in an open-architecture environment.
- International partner networks also enjoyed strong momentum, particularly UniCredit (+€4.4bn in Italy, Germany and Austria) and Banco Sabadell (+€2.1bn in Spain).
Robust development of activities in Asia and successful launch of the subsidiary Amundi-BOC
In line with its strategic roadmap, Amundi continued expanding its activities in Asia, especially in India (AuM of €189bn7 and inflows of €26.0bn) and China (AuM of €98bn8 and inflows of €25bn). Overall, AuM in Asia amounted to €369bn at end-2021, up by 24% year-on-year.
- To be noted that on 12 December 2021 SBI FM announced its upcoming IPO, envisaged to take place in 2022 on the Indian stock exchange9, and covering 10% of SBI’s capital. In this context, Amundi envisages to sell around 4%.
- In China, the new subsidiary Amundi-BOC WM had a very strong first year of operations, recording inflows of +€10.1bn in the Bank of China networks.
2018-2021 ESG targets exceeded and new 2025 ESG targets defined
In ESG, Amundi confirmed its leadership in Europe, with €847bn of AuM at end-2021, o/w more than €780bn classified under Articles 8 and 9 (SFDR10). Net inflows were +€36.5bn11. Amundi met all its commitments in terms of the 2018-2021 ESG plan.
On 8 December 2021, Amundi presented its new “Ambition 2025” ESG Plan, aimed at ramping up its commitments, both in terms of savings and investment solutions offered to its clients, and engagement initiatives targeting corporate issuers. In the interest of alignment, Amundi also plans to index the compensation paid to its top executives to the achievement of ESG targets, and will present its overall climate strategy to its shareholders.
Successful development of Amundi Technology
Amundi Technology stepped up its development (39 clients at end-2021, o/w 15 new clients), as illustrated by the selection of ALTO12 Investment by Malakoff Humanis (AuM of €54bn) and AG2R (AuM of €120bn). The ALTO range was expanded to include two new modules (ESG and Asset Servicing).
Furthermore, the diversification and internationalisation of the product range were reflected in the new contract signed with Bank of New York Mellon, which chose the ALTO Asset Servicing offer (latest innovation in the ALTO range with the ESG-dedicated ALTO Sustainability module) for the global management of its “depositary control” activity, making it the 3rd client in 2 years after Caceis and SGSS.
Amundi Technology boasted strong growth in revenue, totalling €36m over 12 months.
Acquisition of Lyxor
On 31 December 2021, Amundi finalised the acquisition of Lyxor for €825m. The deal, expected to generate considerable value, makes Amundi the European leader in ETFs and completes its range of active management, particularly in liquid alternative investments.
See Lyxor section on page 7 and in the appendix on page 13.
Note: data on Q4 and FY inflows and results do not include Lyxor, the acquisition of which was not finalised until 31 December 2021.
II. An excellent Q4 2021
High net inflows of +€65.6bn.
Adjusted net income13 of €328m (+14% vs. T4 2020)
Strong business activity
Assets under management were €1,916bn at 31 December 2021 (up +10.8% year-on-year and +5.8% compared to end of September 2021, with positive market and forex effects). Including the €148bn of assets managed by Lyxor at 31 December 2021, AuM reached €2,064bn.
In a still supportive market environment14, net inflows were +€65.6bn in Q4 2021, driven by all client segments and asset classes, and including the positive contribution of treasury products (+11€bn).
Excluding JVs, MLT inflows (+€29.0bn) were balanced between Retail and Institutional clients:
- Retail clients held on to their risk appetite, once again driving strong inflows (+€16.3bn) thanks to third-party distributors (+€10.9bn) and international networks (+€5.2bn), particularly in Italy (primarily in the Unicredit network) and Spain (Banco Sabadell network); in China, the subsidiary Amundi-BOC WM stepped up its growth, with strong flows (+€3.3bn) that boosted AuM to €11bn at end-December 2021. In the French networks, inflows were slightly positive (+€0.1bn) despite persistent outflows in structured product (-€1.4bn); business was good in terms of other MLT assets (+€1.5bn, concentrated in unit-linked).
- Business with institutional clients was also solid (+€12.7bn) in all client segments.
These MLT flows were driven by virtually all areas of expertise and by ESG:
- Active management expertise once again posted high inflows (+€20bn), fuelled by all asset classes, including Real Assets (+€1.2bn).
- Passive management, ETFs and Smart Beta had a good fourth quarter with inflows of +€9.5bn, bringing AuM to €208bn at end-December 2021. In ETFs/ETPs15, with inflows of +€4.6bn in Q4 2021, AuM were €88bn at year-end.
- ESG MLT inflows totalled +€23.7bn16.
JVs boasted very positive momentum (+€25.5bn), especially in India and China:
- Indian joint venture SBI MF recorded high inflows of +€18.1bn, with steady momentum in its open-ended funds and significant inflows in institutional mandates.
- The business of the JV with ABC in China was positive (+€10.2bn inflows) excluding the expected Channel Business outflows (low-margin products) of -€4.1bn.
- The JV with NH in South Korea posted inflows of more than €1bn, driven by MLT assets.
Significantly growing earnings in Q4 2021
Adjusted data17
Amundi maintained a solid level of adjusted net income in Q4 2021 (€328m), improving sharply compared to Q4 2020 (+13.9%).
Net revenues (€794m, up +8.8% vs. Q4 2020) were supported by good market conditions and strong inflows:
- Net asset management fees were up significantly year-on-year, partly thanks to higher average equity market and partly to robust business momentum, particularly in Retail and MLT assets since several quarters.
- Performance fees remained high (€70m, compared to a quarterly average of €42m between 2017 and 2020). This exceptional level, largely reflecting not only the year-on-year improvement on the equity markets but also the quality of portfolio management, is expected to continue normalising over the next quarters.18
Adjusted operating expenses were under control (€388m). Their +4.8% rise year-on-year can be attributed to ongoing development investments, provisioning for variable remunerations (in line with the improvement in operating income) and the year-on-year scope effect (+€20m)19.
As a result, the adjusted cost/income ratio for the quarter was 48.8%. Excluding the exceptional level of performance fees20, the cost/income ratio was around 50%.
Accounting data
Net accounting net income was €304m (+€10.6% vs. Q4 2020) and included the first costs associated with the integration of Lyxor (€12m after tax) and the usual amortisation of distribution agreements.
III. Full Year 2021
Net income21 of €1.3bn, higher than targeted
Very robust business momentum
Amundi continued along its profitable growth track in 2021, getting ahead of schedule on its 2018-2022 plan:
- adjusted net income of €1,315m, up by an average +12% per year from 2018 to 2021, versus a target of +5% per year (guidance announced in 2018).
- Adjusted Cost/Income ratio of 47.9% in 2021 and roughly 50% in 2018-2021 (vs. target < 53%)
Robust activity in 2021
Business momentum was excellent in 2021, driven in large part by MLT assets (+€75.5bn excl. JVs), consisting predominantly of active management strategies (+€55.8bn) and MLT ESG assets (+€36.5bn22).
Overall 2021 inflows totalled +€60.2bn, also thanks to strong business momentum in JVs (+€29.7bn excluding Channel Business outflows23) and despite treasury product outflows (-€26.6bn).
Retail net inflows (excl. JV) did were strong at +€43.5bn, primarily in MLT assets (+€41.2bn).
- Business was especially good with third-party distributors (+€23.8bn in MLT assets), very diversified by countries (strong flows notably in France, Italy, Germany, Spain, Hong Kong and Singapore). This business momentum is evenly balanced between active and passive management expertise.
- In the international partner networks (+€8.8bn in MLT assets), UniCredit enjoyed particularly strong momentum (+€4.4bn in MLT assets), driven by active management, thematic funds and ESG. Inflows in Spain (Banco Sabadell network) were on the high side at +€2.1bn, reflecting the successful roll-out of Amundi offers.
In China, the Amundi-BOC WM JV had a strong first year, recording inflows of +€10.1bn in the Bank of China networks.
- Business was more contrasted in the French networks (-€0.2bn in MLT assets) with positive inflows of +€4.1bn in multi-asset, equity and fixed income products, offset by -€4.3bn of outflows in structured products (before maturity) triggered by favourable market conditions.
Institutional client inflows amounted to +€5.4bn, with a high level of MLT inflows (+€34.4bn) spanning all client segments, and treasury product outflows (-€28.9bn).
JVs recorded robust inflows of +€29.7bn, excluding Channel Business outflows24 in China.
- 2021 was an especially buoyant year in India (+€26.0bn), with inflows predominantly spurred by institutional clients, and resilient inflows in open-ended funds. SBI FM consolidated its leadership in the open-ended funds market in India with a market share of 16.4%25.
- In China, the JV with ABC delivered inflows of +€12.8bn excluding Channel Business outflows (-€18.4bn) and excluding the exceptional re-internalisation of assets by an institutional client in Q3 2021 (-€11.6bn).
- In South Korea, the JV with NH had a good year with inflows of +€2.1bn, o/w +€2.7bn in MLT assets.
Active management posted record inflows in 2021, amounting to +€55.9bn, helped by the quality and solid positioning of our investment management, particularly in ESG.
All investment management platforms had very good performances: nearly 74% of AuM in open-ended funds are ranked in the first 2 quartiles over 5 years26. Furthermore, over 5 years, 86% of AuM have outperformed their benchmark27.
ESG is still central to portfolio management strategies and processes, undergoing constant innovation (ESG Improvers range, Social Bonds, Emerging Market Green Bonds, etc.).
High full-year inflows reflect the good positioning of the offers, adapted to client expectations and major market trends, including in particular:
- Diversified solutions (open-ended funds, discretionary portfolio management mandates) and bespoke offers (asset allocation, portfolio construction, advisory, etc.), with inflows totalling +€25.3bn28, in particular:
- The ramping-up of new OCIO offers, meeting growing institutional investor demand (16 mandates won and inflows of +€8.3bn).
- The commercial momentum of flagships Global Multi Asset Conservative (+€2.3bn), Multi Asset Sustainable Future (+€0.8bn).
- The success of our Equity expertise: expertise in Value (+€1.7bn inflows, for example in the European Equity Value fund +€0.8bn), thematic funds (+€3.9bn, with the launch of new products such as the CPR Hydrogen fund) and, more generally, ESG funds (Global Ecology +€0.7bn, European ESG Improvers +€0.3bn).
- In fixed income, the acquisition of several institutional mandates.
Passive management, ETFs and Smart Beta all had another very good year, with inflows of +€19.7bn, taking AuM to €208bn, higher than the objective set in 2019 (€200bn projected in 2023).
In ETPs29, which posted net inflows of +€11.9bn, Amundi is ranked No. 3 in terms of European inflows30 and No. 5 in terms of AuM (€88bn), with market share increasing again.
ESG represented more than 50% of the ETF European market flows and nearly 90% of Amundi’s inflows, underscoring its know-how and innovation capabilities in ESG.
Amundi Real Assets benefited from its positioning and the rapid expansion of the real and private assets market. Inflows were +€4.6bn, evenly distributed among all areas of expertise (+€1.8bn in Private Equity, +€1.6bn in Real Estate, +€1.1bn in private debt). AuM totalled €62.1bn at end-2021, reflecting substantial growth over the last 5 years (+11.1% average annual growth).
ESG innovation was another highlight of 2021 with the launch of ESG funds in impact private debt, SRI-certified real estate funds, SRI certification obtained for OPCIMMO, and the acquisition of multiple mandates for Prêts Participatifs de Relance (recovery participatory loans), Obligations Relance (recovery bonds) and the Fleurons des Territoires programme (Recovery certification) contributing to the recovery plan in France.
Record net earnings in 2021
Amundi posted record adjusted net income31 of €1,315m in 2021, up +37% compared to 2020.
Adjusted data31
This excellent profitability can be attributed to multiple factors:
High net revenue, up by +23.5%
Management fees amounted to €2,786m (+14.5%), boosted by the market improvement and momentum in inflows. The average margin32 (17.9 basis points) increased on the back of a positive mix effect. The very high level of performance fees in 2021 (€427m) is attributable on one hand to the sharp equity market rally observed since mid-2020 and on the other to the quality of Amundi strategies. Performance fees are expected to continue normalising over the course of 2022.
Excellent operational efficiency maintained
The rise in operating expenses vs. 2020 (+14.4%) is attributable to:
- ongoing investments in development for €65m: technology investments to improve both the services provided to external clients and to meet internal needs, the ramping-up of Amundi-BOC in China, brand promotion and improvement of brand recognition for Retail customers, recruitments in growing areas of expertise (real assets, thematic funds, etc.).
- provisions for variable compensation, in line with the growth of operating income.
- the year-on-year scope effect33.
Thanks to such positive scissor effect, the cost/income ratio was 47.9% (roughly 50% excluding the exceptional level of performance fees34) and gross operating income climbed +33%.
The contribution from equity-accounted entities (mostly Asian joint ventures) rose significantly from 66m in 2020 to €84m in 2021, thanks to the contribution of JVs in China (€28m) and India (€47m) to our results.
Accounting data
Net accounting income was €1,369m (+€50.5% year-on-year) and included the initial costs associated with the integration of Lyxor (€12m after tax) coupled with a non-recurring tax gain (Affrancamento 35). Earnings per share reached €6.75, a significant increase compared to 2020 (+50%).
IV. A solid financial structure and significantly improved dividend
The financial structure remains strong at end-2021 after the acquisition of Lyxor, with net tangible equity36 of €3.5bn versus €3.2bn at end-2020, on the back of high generation of tangible capital of €1.0bn and the impact of the Lyxor acquisition of -€0.7bn37. The CET1 ratio38 was 16,1%, significantly above regulatory requirements.
To be note that in May 2021, rating agency Fitch reiterated Amundi’s A+ rating with a stable outlook, the best in the sector.
The Board of Directors has decided to propose a cash dividend of €4.10 per share at the General Meeting to be held on 19 May 2022, i.e. an increase of +41% vs. the dividend for FY 2020.
This dividend represents a payout ratio of 65% of net income Group share39 and a 6.1% return based on the share price at 7 February 2022 (closing price of €67.5). Shares will be designated ex-dividend on 23 May 2022 and the dividend will be paid as from 25 May 2022.
Since listing, TSR40 (total shareholder return) has reached 88%.
V. Lyxor: a value-accretive acquisition
On 31 December 2021, Amundi finalised the acquisition of Lyxor for a price of €825m.
Lyxor boasted solid performances in 2021, with inflows of +€12.1bn, bringing AuM to €148bn at end-2021, o/w €101bn in ETFs and €46bn in active management (including €25bn in liquid alternative investments). Net income for the financial year amounted to €42m41, significantly higher than the estimate at the time of announcement in April 2021.
See details on page 12.
Thanks to this value-accretive deal, Amundi becomes the European leader in ETFs with a combined market share of 14%42, and completes its active management offer, particularly in liquid alternative investments, advisory services and OCIO solutions43.
With scale being an important factor in the index market, the new combined level of assets managed by Amundi’s passive management platform (around €310bn at end-2021) gives it a critical edge. Drawing on these factors and the growth outlook for the passive management market, Amundi announced a substantial growth target (+50%) for passively managed AuM to €420bn by end-202544.
In early January 2022, the integration phase was launched (combination of teams) and its implementation (IT migration, legal mergers, etc.) should be realised quickly in Q2 and Q3 2022.
The resulting synergies are in line with the April 2021 guidance:
- full-year pre-tax cost synergies are expected to reach €60m by 2024;
- full-year pre-tax revenues synergies of €30m by 2025.
Given such strong potential for synergies, the deal will be highly value-accretive:
- an acquisition price representing a 2021e P/E multiple of approximately 9x45 (with cost synergies alone).
- a Return on Investment of more than 10% over 3 years (taking into considerations cost synergies alone).
***
Financial disclosure schedule
- Publication of Q1 2022 results: 29 April 2022
- AGM for the 2021 financial year: 18 May 2022
- Publication of H1 2022 results: 29 July 2022
- Publication of 9M 2022 results: 28 October 2022
Dividend schedule
- Detachment: 23 May 2022
- Payout: as from 25 May 2022
***
APPENDICES
Income statements (full-year and Q4)
| €m | 2021 | 2020 | Δ 2021/020 | Q4 2021 | Q3 2021 | Δ Q4/Q3 | Q4.2020 | Δ Q4/Q4 | |||||||
| Adjusted net revenue 1 | 3,204 | 2,595 | 23.5% | 794 | 791 | 0.4% | 730 | 8.8% | |||||||
| Net asset management revenue | 3,213 | 2,634 | 22.0% | 797 | 797 | 0.0% | 722 | 10.3% | |||||||
| o/w net management fees | 2,786 | 2,434 | 14.5% | 727 | 707 | 2.8% | 628 | 15.7% | |||||||
| o/w performance fees | 427 | 200 | 113,3% | 70 | 90 | -22.3% | 94 | -25.4% | |||||||
| Net financial income and other net income 1 | (8) | (38) | -78.2% | (3) | (6) | -49.3% | 7 | - | |||||||
| Operating expenses 1 | (1,534) | (1,341) | 14.4% | (388) | (383) | 1.4% | (370) | 4.8% | |||||||
| Adjusted gross operating income 1 | 1,670 | 1,255 | 33.1% | 406 | 409 | -0.6% | 360 | 12.9% | |||||||
| Adjusted cost/income ratio | 47.9% | 51.7% | -3.8 pts | 48.8% | 48.4% | 0.5 pts | 50.7% | -1.8 pts | |||||||
| Cost of risk & Other | (12) | (23) | -46.1% | 1 | 7 | -82.9% | (3) | - | |||||||
| Equity-accounted entities | 84 | 66 | 27.7% | 21 | 25 | -14.2% | 20 | 4.7% | |||||||
| Adjusted income before taxes1 | 1,742 | 1,298 | 34.2% | 429 | 440 | -2.6% | 377 | 13.6% | |||||||
| Corporate tax1 | (430) | (338) | 27.0% | (99) | (108) | -8.8% | (92) | 7.6% | |||||||
| Minority interests | 3 | 3 | 20.0% | (1) | 1 | - | 3 | - | |||||||
| Adjusted net income, Group share 1 | 1,315 | 962 | 36.7% | 328 | 333 | -1.3% | 288 | 13.9% | |||||||
| Amortisation of distribution agreements after tax | (49) | (52) | -7.1% | (12) | (12) | 0.0% | (13) | -5.5% | |||||||
| Consolidation costs net of tax | (12) | 0 | - | (12) | 0 | 0 | |||||||||
| Affrancamento impact ² | 114 | 0 | - | 0 | 0 | - | 0 | - | |||||||
| Net income, Group share including Affrancamento | 1,369 | 910 | 50.5% | 304 | 321 | -5.1% | 275 | 10.6% | |||||||
| Book EPS (€) | 6.75 | 4.50 | 50.1% | ||||||||||||
| Adjusted EPS1 (€) | 6.49 | 4.76 | 36.3% |
1- Adjusted data: excluding amortisation of distribution agreements and, in 2021, excluding costs associated with the integration of Lyxor (€12m in Q4 2021 after tax and €16m before tax) and excluding the impact of Affrancamento (€114m in Q2 2021). See page 13 for definitions and methodology. 2- Net accounting income for 2021 includes a non-recurring tax gain (net of a substitution fee) of +€114m (no cash flow impact): “Affrancamento” mechanism under the 2021 Italian Finance Act for 2021 (Act No. 178/2020), resulting in the recognition of Deferred Tax Assets on intangible assets (goodwill), which were excluded from Adjusted Net Income.
Change in assets under management1 from end-2019 to end-2021
| (€bn) | Assets under management | Net inflows | Market and forex effect | Scope effect | Change in AuM vs. previous quarter | ||||||||
| At 31/12/2019 | 1,653 | +5.8% | |||||||||||
| Q1 2020 | -3.2 | -122.7 | / | ||||||||||
| At 31/03/2020 | 1,527 | -7.6% | |||||||||||
| Q2 2020 | -0.8 | +64.9 | / | ||||||||||
| At 30/06/2020 | 1,592 | +4.2% | |||||||||||
| Q3 2020 | +34.7 | +15.2 | +20.746 | ||||||||||
| At 30/09/2020 | 1,662 | +4.4% | |||||||||||
| Q4 2020 | +14.4 | +52.1 | / | ||||||||||
| At 31/12/2020 | 1,729 | +4.0% | |||||||||||
| Q1 2021 | -12.7 | +39.3 | / | ||||||||||
| At 31/03/2021 | 1,755 | +1.5% | |||||||||||
| Q2 2021 | +7.2 | +31.4 | / | ||||||||||
| At 30/06/2021 | 1,794 | / | +2.2% | ||||||||||
| Q3 2021 | +0.2 | +17.0 | / | ||||||||||
| At 30/09/2021 | 1,811 | / | +1.0% | ||||||||||
| Q4 2021 | +65.6 | +39.1 | +14847 | ||||||||||
| At 31/12/2021 | 2,064 | / | |||||||||||
Total 2021:
- Net inflows +€60.2bn
- Market and forex effects +€126.8bn
- Scope effect (Lyxor): +€148bn
Breakdown of AuM and net inflows by client segment1 (Amundi)
| AuM | AuM | % chg. | Inflows | Inflows | Inflows | Inflows | |
| (€bn) | 31/12/2021 | 31/12/2020 | vs. 31/12/2020 | Q4 2021 | Q4 2020 | 12M 2021 | 12M 2020 |
| French networks | 128 | 118 | 8.7% | 3.6 | 4.0 | 0.9 | 7.7 |
| International networks | 174 | 146 | 19.2% | 5.1 | 1.5 | 18.9 | -1.4 |
| o/w Amundi BOC WM | 11 | 0 | / | 3.3 | 10.1 | ||
| Third-party distributors | 232 | 185 | 25.6% | 11.3 | 3.0 | 23.6 | 5.3 |
| Retail (excl. JVs) | 534 | 449 | 19.1% | 19.9 | 8.5 | 43.5 | 11.7 |
| Institutionals2 and sovereigns | 444 | 414 | 7.4% | 5.5 | 6.7 | 0.4 | 14.5 |
| Corporates | 100 | 96 | 4.6% | 14.9 | 16.0 | 3.3 | 17.8 |
| Employee Savings | 78 | 67 | 16.4% | 0.1 | 0.6 | 2.5 | 3.9 |
| CA & SG insurers | 472 | 464 | 1.7% | -0.3 | -2.0 | -0.8 | -8.2 |
| Institutionals | 1,095 | 1,041 | 5.2% | 20.2 | 21.3 | 5.4 | 28.1 |
| JVs3 | 286 | 239 | 19.8% | 25.5 | -15.4 | 11.4 | 5.4 |
| TOTAL | 1,916 | 1,729 | 10.8% | 65.6 | 14.4 | 60.2 | 45.1 |
| Average AuM excl. JVs | 1,552 | 1,398 | 11.0% | / | / | / | / |
1: AuM and inflows including Sabadell AM as of Q3 2020 include assets under advisory and assets marketed and take into account 100% of the Asian JVs’ inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
2: Including funds of funds. 3: including Channel Business outflows in China for -€18.4bn in 2021 and a re-internalisation for -€11.6bn in Q3 2021.
Breakdown of AuM and net inflows by asset class1 (Amundi)
| AuM | AuM | % chg. | Inflows | Inflows | Inflows | Inflows | |
| (€bn) | 31/12/2021 | 31/12/2020 | vs. 31/12/2020 | Q4 2021 | Q4 2020 | 12M 2021 | 12M 2020 |
| Equities | 366 | 277 | 32.0% | 9.7 | 9.3 | 22.8 | 19.3 |
| Multi-asset | 316 | 263 | 19.9% | 11.6 | 3.0 | 38.0 | -1.0 |
| Bonds | 656 | 635 | 3.3% | 8.2 | -1.0 | 14.9 | -11.3 |
| Real, alternative and structured assets | 96 | 92 | 3.9% | -0.5 | 1.0 | -0.2 | 4.5 |
| MLT ASSETS excl. JVs | 1,433 | 1,267 | 13.0% | 29.0 | 12.3 | 75.5 | 11.5 |
| Treasury Products excl. JVs | 197 | 222 | -11.5% | 11.1 | 17.5 | -26.6 | 28.2 |
| ASSETS excl. JVs | 1,629 | 1,490 | 9.4% | 40.1 | 29.8 | 48.8 | 39.8 |
| JVs2 | 286 | 239 | 19.8% | 25.5 | -15.4 | 11.4 | 5.4 |
| TOTAL | 1,916 | 1,729 | 10.8% | 65.6 | 14.4 | 60.2 | 45.1 |
| o/w MLT Assets | 1,685 | 1,477 | 14.1% | 51.7 | -4.5 | 83.6 | 17.7 |
| o/w Treasury products | 230 | 252 | -8.5% | 13.9 | 18.9 | -23.4 | 27.5 |
1: AuM and inflows including Sabadell AM as of Q3 2020 include assets under advisory and assets marketed and take into account 100% of the Asian JVs’ inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
2: including Channel Business outflows in China for -€18.4bn in 2021 and a re-internalisation for -€11.6bn in Q3 2021.
Breakdown of AuM and net inflows by geographic segment1 (Amundi)
| AuM | AuM | % chg. | Inflows | Inflows | Inflows | Inflows | |
| (€bn) | 31/12/2021 | 31/12/2020 | vs. 31/12/2020 | Q4 2021 | Q4 2020 | 12M 2021 | 12M 2020 |
| France2 | 957 | 932 | 2.7% | 10.1 | 13.6 | -16.0 | 26.7 |
| Italy | 200 | 180 | 11.2% | 5.2 | 0.7 | 12.0 | -2.0 |
| Europe excl. France and Italy | 278 | 225 | 23.8% | 15.0 | 16.1 | 31.7 | 28.3 |
| Asia3 | 369 | 298 | 23.9% | 33.7 | -13.0 | 30.4 | 1.2 |
| Rest of world4 | 112 | 95 | 18.1% | 1.6 | -2.9 | 2.0 | -9.0 |
| TOTAL | 1,916 | 1,477 | 29.7% | 65.6 | 14.4 | 60.2 | 45.1 |
| TOTAL excl. France | 958 | 545 | 75.9% | 55.5 | 0.8 | 76.2 | 18.4 |
1 AuM and inflows including Sabadell AM as from Q3 2020, including assets under advisory and assets marketed, and 100% of Asian JV inflows and assets under management; for Wafa in Morocco, assets are reported on a proportional consolidation basis.
2: o/w €472 for insurers CA and SG. 3 including Channel Business outflows in China for -€18.4bn in 2021 and a re-internalisation for -€11.6bn in Q3 2021. 4 Mainly United States.
Lyxor
Lyxor posted AuM of €148bn at end-2021, broken down as follows:
- €101bn in passive management; No. 3 player in Europe with a market share of 7.1%48
- €46bn in active management, o/w 25bn in alternative investments
- 62% Retail AuM and 38% Institutional AuM
High inflows in 2021 of +€12.1bn:
- +€8.3bn in ETFs
- +€2.4bn in liquid alternative investments
- +€1.4bn in traditional active investments
Normalised key figures49 for Lyxor in 2021 (higher than originally estimated):
- revenue of €216m ow which €203m of net management fees
- a Cost/Income ratio of 72%
- net income of €42m
Methodology appendix
I. Accounting and adjusted data
- Accounting data: in 12M 2020 and 2021, data after amortisation of intangible assets (distribution agreements); in 2021, costs associated with the integration of Lyxor in Q4 (€12m after tax and €16m before tax) and the impact of Affrancamento (€114m in Q2).
- Adjusted data
To present an income statement that is closer to economic reality, the following adjustments have been made: restatement of amortisation of intangible assets, deducted from net income (distribution agreements with SG, Bawag, UniCredit and Banco Sabadell), Lyxor integration costs and Affrancamento impact.
Note: amortisation of the SG contract (per year: €10m after tax, €14m before tax) ended as of 1 November 2020.
In the accounting data, amortisation of distribution agreements:
- Q4 2020: €18m before tax and €13m after tax; Q4 2021: €17m before tax and €12m after tax
- 12M 2020: €74m before tax and €52m after tax; 12M 2021: €68m before tax and €49m after tax
II. Acquisition of Lyxor
- In accordance with IFRS3, recognition on Amundi’s balance sheet as of 31/12/2021 of:
- a goodwill in the amount of €652m;
- an intangible asset, representing client contracts, of €40m before tax (€30m after tax);
- In the Group income statement the above intangible asset will be amortised on a straight-line basis over 3 years starting in 2022 and the full-year impact of such amortisation will be €10m net of tax (i.e. €13m before tax). This amortisation will be recognised as a deduction from net income and will be added to the existing amortisation of distribution agreements.
- Note: €70m in pre-tax integration costs are expected, o/w €16m before tax already recognised in Q4 2021 (see above).
accounting data
adjusted data
| €m | 12M 2021 | 12M 2020 | Q4 2021 | Q3 2021 | Q4 2020 | |||||
| Net income (a) | 3136 | 2521 | 777 | 774 | 711 | |||||
| + Amortisation of distribution agreements before tax | 68 | 74 | 17 | 17 | 18 | |||||
| Adjusted net revenues (b) | 3204 | 2595 | 794 | 791 | 730 | |||||
| Operating expenses (c) | -1550 | -1341 | -404 | -383 | -370 | |||||
| + Integration costs before tax | 16 | 0 | 16 | 0 | 0 | |||||
| Adjusted operating expenses (d) | -1534 | -1341 | -388 | -383 | -370 | |||||
| Gross operating income (e) = (a)+(c) | 1586 | 1180 | 373 | 392 | 342 | |||||
| Adjusted gross operating income (f) = (b)+(d) | 1670 | 1255 | 406 | 409 | 360 | |||||
| Cost/Income ratio (c)/(a) | 49.4% | 53.2% | 52.0% | 49.4% | 52.0% | |||||
| Adjusted cost/income ratio (d)/(b) | 47.9% | 51.7% | 48.8% | 48.4% | 50.7% | |||||
| Cost of risk & Other (g) | -12 | -23 | 1 | 7 | -3 | |||||
| Equity-accounted entities (h) | 84 | 66 | 21 | 25 | 20 | |||||
| Income before tax (i) = (e)+(g)+(h) | 1658 | 1224 | 396 | 423 | 359 | |||||
| Adjusted income before tax (j) = (e)+(f)+(g) | 1742 | 1298 | 429 | 440 | 377 | |||||
| Taxes (k) | -292 | -317 | -90 | -103 | -86 | |||||
| Adjusted taxes (l) | -430 | -338 | -99 | -108 | -92 | |||||
| Minority interests (m) | 3 | 3 | -1 | 1 | 3 | |||||
| Net income, Group share (i)+(k)+(m)-(p) | 1255 | 910 | 304 | 321 | 275 | |||||
| Adjusted net income, Group share (n) = (j)+(l)+(m) | 1315 | 962 | 328 | 333 | 288 | |||||
| Affrancamento impact (p) | 114 | 0 | 0 | 0 | 0 | |||||
| Net income, Group share (i)-(l)+(m) incl. Affrancamento | 1369 | 910 | 304 | 321 | 275 | |||||
Shareholder structure
| 31 December 2019 | 31 December 2020 | 31 December 2021 | ||||
| Number of shares | % of capital | Number of shares | % of capital | Number of shares | % of capital | |
| Crédit Agricole Group | 141,057,399 | 69.8% | 141,057,399 | 69.7% | 141,057,399 | 69.7 % |
| Employees | 969010 | 0.5% | 1,234,601 | 0.6% | 1,527 064 | 0.75 % |
| Treasury shares | 1,333,964 | 0.7% | 685,055 | 0.3% | 255 745 | 0.13 % |
| Free float | 58,802,932 | 29.1% | 59,608,898 | 29.4% | 60,234,443 | 29.66 % |
| Number of shares at end of period | 202,163,305 | 100.0% | 202,585,953 | 100.0% | 203,074,651 | 100.0 % |
| Average number of shares for the period | 201,765,967 | / | 202,215,270 | / | 202,793,482 | / |
- Employee ownership increased in 2021 due to the capital increase reserved to employees implemented on 29 July 2021(0.5m new shares were issued)
- Average number of shares on a pro-rata basis
About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players50, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets.
With its six international investment hubs51, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 5,300 employees52 in more than 35 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.0 trillion of assets53.
Amundi, a trusted partner, working every day in the interest of its clients and society.
| Press contact: | Investor contacts: |
| Natacha Andermahr | Anthony Mellor Thomas Lapeyre |
| Tel. +33 1 76 37 86 05 | Tel. +33 1 76 32 17 16 Tel. +33 1 76 33 70 54 |
| natacha.andermahr-sharp@amundi.com | anthony.mellor@amundi.com thomas.lapeyre@amundi.com |
DISCLAIMER:
This document may contain projections concerning Amundi's financial situation and results. The figures given do not constitute a “forecast” as defined in Article 2.10 of Commission Regulation (EC) No. 809/2004 of 29 April 2004.
This information is based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context. As such, the projections and results indicated may not necessarily come to pass due to unforeseeable circumstances. The reader should take all of these uncertainties and risks into consideration before forming their own opinion.
The figures presented were prepared in accordance with IFRS guidelines as adopted by the European Union and applicable as of this date. Statutory auditors are carrying out audit procedures on the consolidated financial statements for 2021.
The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been independently verified, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which the document may refer.
1 Net income, Group share. Adjusted data: excluding amortisation of distribution agreements and, in 2021, excluding costs associated with the integration of Lyxor (€12m in Q4 2021 after tax and €16m before tax) and excluding the impact of Affrancamento (€114m Q2 2021, see note 35).
2 Medium/Long-Term Assets; excluding Joint Ventures. Lyxor data not included.
3 Q4 and FY data do not include Lyxor figures, the acquisition of which was not finalised until 31 December 2021.
4 Excl. JVs
5Exceptional level of performance fees = higher-than-average performance fees per quarter in 2017-2020 (€42m).
6 CET 1: Core Equity Tier 1
7 End 2021.
8 End 2021. AuM generated by JVs with ABC and BOC, and AuM in Hong Kong and Taiwan.
9 Subject to obtaining the necessary regulatory authorisations and market conditions. SBI FM is currently 62.6%-owned by SBI, 36.8% by Amundi and 0.6% by employees.
10The new European Sustainable Financial Disclosure Regulation (SFDR) requires fund managers to rank their European assets by degree of ESG integration.
11 Net inflows excluding treasury products, CA Assurances and Sogecap.
12 Amundi Leading Technologies & Operations
13 Net income, Group share. Adjusted data: excluding amortisation of distribution agreements and, in 2021, costs associated with the integration of Lyxor (€12m in Q4 2021 after tax and €16m before tax).
14 Equity markets up +25% on average vs. Q4 2020 and +2% vs. Q3 2021.
15 Exchange Traded Products.
16 Inflows excl. insurers CA Assurances and Sogecap.
17 Adjusted data: excluding amortisation of distribution agreements and, in 2021, excluding costs associated with the integration of Lyxor (€12m in Q4 2021 after tax and €16m before tax) and excluding the impact of Affrancamento (€114m in Q2 2021).
18 Note: Under the new ESMA regulations ("Guidelines on Performance Fees,” applicable mainly to UCITS funds) and implemented in July 2021 for existing funds, the reference period will be five years if the funds underperform their benchmark. These new regulatory provisions should result in a partial and gradual decline in performance fees from 2022.
19 Due to the creation of Amundi BOC WM, consolidated from Q4 2020, and the full consolidation of Fund Channel and Anatec starting in Q1 2021;
20Exceptional performance fees = higher-than-average performance fees per quarter in 2017-2020 (€42m)
21 Adjusted data: excluding amortisation of distribution agreements and, in 2021, excluding costs associated with the integration of Lyxor (€12m in Q4 2021 after tax and €16m before tax) and excluding the impact of Affrancamento (€114m in Q2 2021).
22 Inflows excl. Group insurers.
23 Low margin products outflows for -€18,4bn in 2021; outflows stemming from regulatory developments
24 Low-margin products (Channel Business for -€18,4bn in 2021); outflows stemming from regulatory developments,
25 Source: AMFI India at end-December 2021.
26 Gross performances. Source: Morningstar Direct, open-ended funds and ETFs, global scope, excluding feeder funds, end-December 2021. 621 funds, i.e. €478bn. A total of 183 Amundi funds have a 4- or 5-star Morningstar rating.
27 At 31/12/2021, source: internal data, scope: €1,129bn (excl. JV and scope Lyxor), active management.
28 Excl. Amundi-BOC WM.
29 ETPs: Exchange Traded Products, including ETFs (Exchange Traded Funds) and ETCs (Exchange Traded Commodities).
30 Source: ETF GI.
31 Adjusted data: excluding amortisation of distribution agreements and, in 2021, excluding costs associated with the integration of Lyxor (€12m in Q4 2021 after tax and €16m before tax) and excluding the impact of Affrancamento (€114m in Q2 2021).
32 Net management fees/average AuM.
33 Scope effect of +€28m: acquisition of Sabadell AM, consolidated from Q3 2020, full consolidation of Fund Channel and Anatec starting in Q1 2021.
34Exceptional performance fees = higher-than-average performance fees per quarter in 2017-2020 (€42m)
35 Non-recurring tax gain (net of a substitution tax) of +€114m (with no cash impact): “Affrancamento” mechanism under the 2021 Italian Finance Act for 2021 (Act No. 178/2020), resulting in the recognition of Deferred Tax Assets on intangible assets (goodwill), which were excluded from Adjusted Net Income.
36 Net Shareholders Equity excluding goodwill and intangible assets.
37 See page 12.
38 CET 1: Core Equity Tier 1.
39 The dividend payout ratio is calculated based on 2021 accounting net income Group share (€1,369m), excluding the impact of Affrancamento (€114m) and Lyxor integration costs (-€12m).
40 TSR includes the rise in the share price + dividends paid from 2016 to 2021 + dividend proposed to the GM to be held in May 2022 + pre-emptive subscription rights detached in May 2017.
41 Estimated data on the Lyxor perimeter acquired (based on internal data and with assumptions regarding the exclusion of certain activities retained by SG). Estimated net income of the acquired perimeter of €40m and normalized net income of €42m after adjustment of ~€3m of pre-tax one-off costs related to the acquisition by Amundi.
42 Source: Amundi, Lyxor, ETFGI at end-December 2021.
43 OCIO: Outsourced Chief Investment Officer.
44 Target announced on 4/1/2022 based on combined assets of €282bn at end-September 2021.
45 On the basis of an acquisition price of €755, excluding excess capital
46 Sabadell AM
47 Lyxor
48 Source: ETFGI, December 2021.
49 Estimated data on the Lyxor perimeter acquired (based on internal data and with assumptions regarding the exclusion of certain activities retained by SG). Estimated net income of the acquired perimeter of €40m and normalized net income of €42m after adjustment of ~€3m of pre-tax one-off costs related to the acquisition by Amundi.
50 Source: IPE “Top 500 Asset Managers” published in June 2021, based on assets under management as at 31/12/2020
51 Boston, Dublin, London, Milan, Paris and Tokyo
52 Consolidated internal Amundi and Lyxor workforce as at 01/01/2022
53 Amundi data including Lyxor as at 31/12/2021
Attachment
